Vince McMahon, CEO and chairman of World Wrestling Entertainment Inc announced his retirement on Friday, over a month after standing down from these positions amidst an investigation into his alleged wrongdoing.

Previously, the Wall Street Journal reported that the board was investigating McMahon, 76, for agreements to pay $12 million over the past 16 years to bury charges of sexual misbehavior and infidelity.

McMahon expressed support for WWE's inquiry last month and did not mention the investigation in his Friday statement.

In June, WWE, which produces and distributes the weekly wrestling shows "Raw" and "Smackdown," appointed Stephanie McMahon as interim CEO.

Vince McMahon has been the driving force behind the wrestling entertainment organization, from a regional participant in a highly fragmented sector in the 1980s to a global behemoth with projected revenue of approximately $1 billion in 2021.

He employed scripted battles, celebrity wrestlers, and glamor to make the brand more palatable to television audiences. He also developed the notion of pay-per-view matches for more significant events such as "WrestleMania" to increase the company's income base.

Under his leadership, the corporation was also plagued by scandals, including allegations of steroid use.

"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always," the departing CEO stated.

As the company's largest shareholder, I will continue to assist WWE in any manner possible.

In the United States, McMahon was the top trending subject on Twitter, with many WWE fans expressing disbelief at the announcement.

WWE refused to comment on McMahon's retirement and did not react to inquiries concerning the investigation.

The return of audiences to the company's live events has resulted in a 34 percent increase in the stock price for the year.